In documents that seek FCC consent to the transfer of Intelsat’s ownership to BC Partners (BCP), Intelsat confirmed last Friday that BCP would establish a new entity—Serafina Holdings—that would acquire Intelsat upon FCC approval of the $16.5 billion transaction announced in June. Contingent upon FCC consent and clearance of the transaction by the Committee on Foreign Investment in the U.S. (the U.S. Justice Department has already signed off on the transaction), the parties aim to close the deal by the end of this year. BCP, a London private equity concern consisting of 35 limited partnerships based in the United Kingdom, five French “co-invest” partnerships, and one Guernsey limited partnership, would hold 71% of Serafina’s equity. Silver Lake, an investment firm based in the U.S., would hold approximately 17% of Serafina with further ownership to be broken down as follows: Banc of America Capital Investors (3%), Intelsat’s 13-member management team (2%), and CSFB Strategic Partners III, a U.S. entity controlled indirectly by Credit Suisse (1%). BCP also said it is soliciting investors for the remaining (>5%) stake in Serafina (according to the FCC filing, the existing private equity shareholders of Intelsat must purchase that stake if it is not syndicated or acquired by Intelsat management). Observing that “the proposed transaction seeks to substitute for the existing control group a new controlling investor that holds no other direct or indirect interests in the U.S. telecommunications or satellite markets,” Intelsat told the FCC that the transfer “would have no anticompetitive effects.”